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OPEC+ oil producers might extend current supply cuts on Sunday June 2 Deeper cuts could be acceptable by major members but probably not for long Plans for capacity increases might cause some divisions within the group Geopolitical tensions, China outlook, and Fed rate cut path to move oil prices too An agreement seems to be on the table already OPEC […]

The post OPEC+ Supply Cuts to Stay, But Patience Might Start Running Out appeared first on Action Forex.

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25/04/2024

AUD/USD: Extended Recovery Attacks Key Resistance Zone Again

Strong rally extends into fourth consecutive day and retests pivotal barriers at 0.6526/29 (converged 200/55DMA’s) which capped attack previous day. Fresh strength offsets for now bearish signal on formation of daily inverted hammer candlestick on Wednesday, left after upside rejection and subsequent pullback. Aussie dollar was boosted by hotter than expected Australia’s inflation and keeps […]
05/03/2024

Will Bank of Canada Pave the Way for a Rate Cut after CPI Drop?

Bank of Canada kicks off March round of central bank meetings Dovish tilt is possible after CPI drops back below 3.0% Wednesday’s decision, due 14:45 GMT, may deepen loonie’s losses Progress on inflation The Bank of Canada heads towards its second policy meeting of the year with some good news on the inflation front. The […]
30/01/2024

Sunset Market Commentary

Markets There were few data to inspire global trading today. With policy meetings scheduled on Wednesday and on Thursday, Fed and BoE MPC members currently also abstain from comments on monetary policy. Luckily, ECB governors are again free to speak and temporarily have some kind of monopoly in setting sentiment. Looking at the comments post […]